Based on our experience and daily work with projects and individuals in the digital asset ecosystem we have perceived a rejection, mainly due to lack of information and terror or concern about market regulation.
First of all, we must bear in mind that the regulation of any sector is focused on the rights and guarantees of consumers and users, meaning all those investors or even precursors of projects in this field. Therefore, there is no need to fear these public actions, but the way they are developed. It is vital, in order to gain confidence and legal certainty, that there is a regulation in this regard and that it is strengthened by the market itself.
Given the lack of knowledge of the market and the confiscatory eagerness of the Tax Administration, we have observed exorbitant percentages for investment in this type of assets. Vicox Legal, as a cryptocurrency tax advisor, is fully convinced that, through information and knowledge in public bodies, this trend will change and will end up adapting to the needs of consumers and users. But it is no less true that the regulation in this regard does not correspond to the general interest and that we have already seen how it sometimes runs away from legitimacy.
Returning to the issue at hand, regulation must be crucial for the advancement of technology. The trend that shuns non-regulation is no less mistaken than the governments that pray for over-regulation. We must be aware that technology moves faster than regulations and that, on occasions, it is not given the necessary priority to establish an appropriate regulatory framework, which should be neutral to technology and not persecute it specifically.
From this point of view, both the professionals of the sector and the users, in which we also include ourselves, must be expectant before the new regulation that is coming and be able to operate and, what is more important, innovate without fear and without ignorance of the steps to come. It is expected that the new regulation coming from the European Union with its proposed Regulation on the cryptoassets market, the MiCA, can give the system a strength and confidence not seen so far and that we have seen how it can affect users with lack of training or without research in this sector.
At Vicox Legal we have chosen to help the ecosystem in this bridge towards the legal security of their investments or projects and to be that intermediary with the regulator to provide the ecosystem with a valid future and with firm steps towards the technological revolution.
Vicox Legal | Cryptocurrency Advisor
